The additional cost to a firm of producing one more unit of a good or service is equal to producer surplus
Indicate whether the statement is true or false
FALSE
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Assume that crackers and soup are complementary goods. The effect on the soup market of an increase in the price of crackers (other things being equal) would best be described as a(n):
a. decrease in the quantity of soup demanded. b. decrease in the demand for soup. c. increase in the quantity of soup demanded. d. increase in the demand for soup.
The rate at which two currencies are exchanged for each other is the
a. exchange rate. b. tariff rate. c. reserve rate. d. managed rate.
Rational ignorance exists because voters are apathetic
Indicate whether the statement is true or false
If you invest $1,000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____.
A) 185 years B) 72 years C) 34 years D) 20 years E) 3.4 years